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Nationwide has gone farther than any other UK institution in detailing its exposure to the most vulnerable parts of the eurozone, revealing that it has outstanding loans and investments of £2.8 billion in Greece, Ireland, Italy, Portugal and Spain.

The society said that while it held no sovereign bonds of those nations, it had invested £1.6 billion in securities backed by assets there; 99 per cent of them were rated AAA or AA and it had seen little evidence of any deterioration in their asset quality.

It also revealed that it owned £1.2 billion of medium-term notes issued by financial